Trade Openness and Volatility

Figure 1. Volatility and Openness in the 1990s

Notes: Source: Penn World Tables. Volatility is calculated using annual growth rates over 1990-99 for per-capita
GDP, and trade openness is the average of imports plus exports divided by GDP over the same period.

Figure 2. Comparison of Manufacturing and Aggregate Volatility

Log(Variance of Manufacturing Output per Worker Growth)

Notes: Volatility is calculated using annual growth rates over 1970-99 for manufacturing output per worker and
per-capita GDP from the Penn World Tables, respectively.

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